Exhibit 10.1


                              CONSULTING AGREEMENT
                                     BETWEEN
                         FOUR OAKS BANK & TRUST COMPANY
                                       AND
                                 JOHN W. BULLARD


     THIS  CONSULTING  AGREEMENT  ("Agreement")  is made and entered into by and
between  JOHN W.  BULLARD  ("Consultant")  and FOUR  OAKS  BANK & TRUST  COMPANY
("Bank").

     The Bank, Four Oaks Fincorp.,  Inc. and Longleaf Community Bank are parties
to  a  Merger   Agreement  dated  April  17,  2008  (the  "Merger   Agreement").
Consultant's entry into this Agreement is a condition of the Merger Agreement.

     Additionally,  Consultant has experience beneficial to the Bank's business.
The Bank  desires to retain  Consultant's  consulting  services on the terms and
conditions set forth herein,  and Consultant  desires to provide such consulting
services as an  independent  contractor and is willing to do so on the terms and
conditions set forth herein.

     In  consideration  of the above and the mutual  promises  set forth  below,
Consultant and the Bank agree as follows:

     1. Consulting Services. During the term of this Agreement, Consultant shall
provide to the Bank such consulting  services as may be reasonably  requested by
the Bank upon reasonable notice to Consultant.

     2. Termination of Prior Agreement.  The Bank and Consultant acknowledge and
agree  that:  (i) the  Employment  Agreement  between  Consultant  and  Longleaf
Community Bank dated August 4, 2003 has been  involuntarily  terminated  without
Cause;  (ii) the Bank is not obligated to pay Consultant any "Base Salary" under
that  Employment  Agreement;  and,  (iii) the  "Restriction  Period"  under that
Employment Agreement has expired.

     3.  Term.  The term of this  Agreement  shall be for a period  of three (3)
years, beginning on the Closing, as defined in the Merger Agreement,  and ending
on the third  anniversary  of that date  unless  terminated  earlier as provided
herein.

     4. Consulting Retainer,  Fee and Expenses.  The Bank shall pay Consultant a
retainer in the amount of Fifty  Thousand and No/100  Dollars  ($50,000.00)  per
year for services rendered and obligations  under this Agreement.  Said retainer
shall be paid in substantially equal monthly  installments on the first business
day of each  month  of the  term of this  Agreement.  The  Bank  shall  also pay
expenses   reasonably   incurred  by  Consultant  in  rendering  such  services.
Consultant shall submit monthly invoices for his expenses  incurred in rendering
consulting  services to the Bank,  and the Bank shall pay such  invoices  within
thirty (30) days of receipt of the same.

     5. Independent  Contractor Status. The parties hereby acknowledge and agree
that Consultant's consulting services for the Bank shall be provided strictly as
an  independent  contractor.  Nothing in this  Agreement  shall be  construed to
render him an employee, co-venturer, agent, or other representative of the Bank.
Consultant  understands  that he must comply with all tax laws  applicable  to a
self-employed individual,  including the filing of any necessary tax returns and
the  payment  of all  income and  self-employment  taxes.  The Bank shall not be
required to withhold from the  consulting  fee any state or federal income taxes
or to make payments for Social Security ("FICA") tax, unemployment insurance, or
any other payroll taxes.  The Bank shall not be  responsible  for, and shall not
obtain,  worker's compensation,  disability benefits insurance,  or unemployment
security insurance coverage for Consultant.  Consultant is not eligible for, nor
entitled to, and shall not participate in, any of the Bank's pension, health, or
other benefit  plans,  if any such plans exist.  Consistent  with his duties and
obligations under this Agreement,  Consultant shall, at all times, maintain sole
and  exclusive  control  over the  manner and  method by which he  performs  his
consulting services.
<PAGE>

     6. Trade Secrets,  Confidential Information,  Bank Property and Competitive
Business Activities. Consultant acknowledges that by virtue of his position as a
consultant  with the Bank,  he (i) has or will have access to trade  secrets and
Confidential  Information  (as defined in Section  6.1.5) of the Bank  including
valuable  information  about its business  operations  and entities with whom it
does  business in various  locations,  and (ii) has  developed  or will  develop
relationships  with  parties  with whom it does  business in various  locations.
Consultant also  acknowledges that the Trade Secrets,  Confidential  Information
and Competitive  Business Activities  provisions set forth in this Agreement are
reasonably  necessary to protect the Bank's legitimate business  interests,  are
reasonable  as to  the  time,  territory  and  scope  of  activities  which  are
restricted,  do not  interfere  with public  policy or public  interest  and are
described with sufficient  accuracy and definiteness to enable him to understand
the scope of the restrictions imposed on him.

          6.1.   Trade   Secrets  and   Confidential   Information.   Consultant
acknowledges  that:  (i) the Bank will disclose to him certain trade secrets and
Confidential  Information;  (ii) trade secrets and Confidential  Information are
the sole and exclusive property of the Bank and the Bank owns all rights therein
under  patent,  copyright,  trade  secret,  confidential  information,  or other
property  right;  and (iii) the  disclosure  of trade  secrets and  Confidential
Information  to  Consultant  does not confer upon him any  license,  interest or
rights of any kind in or to the trade secrets or Confidential Information.

            6.1.1.  Consultant  may  use  the  trade  secrets  and  Confidential
Information  only in accordance with applicable Bank policies and procedures and
solely  for the  Bank's  benefit  while he is  retained  by the Bank.  Except as
authorized in the performance of services for the Bank,  Consultant will hold in
confidence and not directly or indirectly, in any form, by any means, or for any
purpose, disclose, reproduce, distribute, transmit, reverse engineer, decompile,
disassemble,  or  transfer  trade  secrets or  Confidential  Information  or any
portion  thereof.  Upon the Bank's request,  Consultant shall return to the Bank
all trade secrets and Confidential  Information and all related materials in his
possession, custody or control.

            6.1.2.  If  Consultant  becomes  subject  to a court  order or other
government  process that could reasonably be expected to require him to disclose
trade secrets or  Confidential  Information  or such  disclosure is necessary to
comply with  applicable law or defend against claims,  he shall:  (i) notify the
Bank promptly before any such disclosure is made; (ii) at the Bank's request and
expense  cooperate  reasonably  with steps the Bank takes to defend against such
disclosure,  including  defending  against the  enforcement  of the court order,
other  government  process or claims;  and (iii) permit the Bank to  participate
with counsel of its choice in any  proceeding  relating to any such court order,
other government process or claims.

            6.1.3.  Consultant's  obligations with regard to trade secrets shall
remain in effect for as long as such  information  shall  remain a trade  secret
under applicable law.

            6.1.4.   Consultant's   obligations   with  regard  to  Confidential
Information  shall  remain in effect  while he is  retained  by the Bank and for
three (3) years thereafter.

            6.1.5. As used in this Agreement,  "Confidential  Information" means
information  other  than  trade  secrets,  that is of  value  to the Bank and is
treated  by the  Bank as  confidential,  including,  but not  limited  to,  such
information  about  the  Bank's  lending  and  deposit  operations,   regulatory
examinations,   customer  identities,  future  business  plans,  pricing,  sales
manuals,  training manuals,  selling and pricing procedures,  financing methods,
financial  statements,  techniques  for  designing,  developing,  manufacturing,
testing or marketing advertising campaigns, and information regarding executives
and employees;  provided,  however,  Confidential  Information shall not include
information which is in the public domain or becomes public knowledge through no
fault of Consultant.
<PAGE>

          6.2.  Bank  Property.  Upon  the  termination  of his  retention  as a
consultant,  Consultant  shall: (i) deliver to the Bank all records,  memoranda,
data,  documents and other property of any description  which refer or relate in
any way to trade  secrets  or  Confidential  Information,  including  all copies
thereof,  which are in his possession,  custody or control;  (ii) deliver to the
Bank all Bank  property  (including,  but not limited to,  keys,  credit  cards,
client files, contracts,  proposals,  work in process,  manuals, forms, computer
stored work in process and other computer data, research materials,  other items
of business information  concerning any Bank customers,  or business or business
methods,  including all copies thereof) which is in his  possession,  custody or
control;  (iii)  cooperate  reasonably  with the Bank to bring all such records,
files and other  materials up to date,  wind up his work, and transfer that work
to other individuals designated by the Bank.

          6.3. Competitive Business Activities.  For a period of three (3) years
from the Closing, as defined in the Merger Agreement, regardless of whether this
Agreement  may  have  been  terminated  earlier  than  the end of  that  period,
Consultant will not engage in the following activities:

            (a) on his  own  or on  another's  behalf,  whether  as an  officer,
director,  stockholder,  partner,  associate,  owner,  employee,  consultant  or
otherwise,  directly or indirectly compete with the Bank within the geographical
areas set forth in Section 6.3.1;

            (b) within the  geographical  areas set forth in Section  6.3.1,  be
retained,  employed,  or otherwise engaged, in (i) a management  capacity,  (ii)
other capacity providing the same or similar services which Consultant  provided
to  the  Bank,  or  (iii)  any  capacity  connected  with  competitive  business
activities  by any person or entity that engages in  competition  with the Bank,
provided, Consultant's services as an independent contractor providing appraisal
or appraisal review services for lending institutions shall not be prohibited by
this Agreement; or

            (c) hire, offer  employment to, or otherwise  solicit for employment
any person  who is  employed  by the Bank at any time  during the three (3) year
period  following the Closing,  as defined in the Merger  Agreement,  or who was
employed by the Bank as of that date.

            6.3.1.  The  restrictions set forth in Sections 6.3(a) and (b) apply
to  Richmond  County,  North  Carolina;  any  county of North or South  Carolina
contiguous  thereto;  any other  county in which the Bank  maintains  a business
office on the date of termination of this Agreement.

            6.3.2.   Notwithstanding  the  foregoing,   Consultant's  ownership,
directly  or  indirectly,  of not  more  than  one  percent  of the  issued  and
outstanding  stock of any bank or  company  the  shares of which  are  regularly
traded on a national securities exchange or in the over-the-counter market shall
not violate Section 5.3.

          6.4.  Remedies.  Consultant  acknowledges that his failure to abide by
the Trade  Secrets,  Confidential  Information,  Bank  Property  or  Competitive
Business Activities provisions of this Agreement would cause irreparable harm to
the Bank for which legal remedies would be inadequate. Therefore, in addition to
any  legal or other  relief  to which  the Bank may be  entitled  by  virtue  of
Consultant's  failure to abide by these provisions:  (i) the Bank may seek legal
and equitable  relief,  including but not limited to  preliminary  and permanent
injunctive  relief,  for Consultant's  actual or threatened  failure to abide by
these  provisions;  and (ii) Consultant will indemnify the Bank for all expenses
including attorneys' fees in seeking to enforce these provisions.
<PAGE>

          6.5. Tolling. The period during which Consultant must refrain from the
activities  set forth in Sections 6.1 and 6.3 shall be tolled  during any period
in which he fails to abide by these provisions.

          6.6.  Other  Agreements.  Nothing in this Agreement  shall  terminate,
revoke or diminish Consultant's obligations to the Bank or the Bank's rights and
remedies  under law or any agreements  relating to trade  secrets,  confidential
information,  non-competition  and  intellectual  property which  Consultant has
executed in the past or may execute in the future or contemporaneously with this
Agreement.

     7.  Severability.  If a court  of  competent  jurisdiction  holds  that any
provision or sub-part thereof contained in this Agreement is invalid, illegal or
unenforceable,  that invalidity, illegality or unenforceability shall not affect
any other provision in this Agreement.  Additionally,  if any of the provisions,
clauses  or  phrases  in  the  Trade  Secrets,  Confidential  Information,  Bank
Property,  and  Competitive  Business  Activities  provisions  set forth in this
Agreement are held unenforceable by a court of competent jurisdiction,  then the
parties desire that such provisions,  clauses,  or phrases be "blue-penciled" or
rewritten by the court to the extent necessary to render them enforceable.

     8.  Termination.  Consultant  may terminate this Agreement upon thirty (30)
days' written  notice to the Bank. The Bank may terminate this Agreement only if
Consultant (i) materially breaches this Agreement;  such a breach would include,
but not be limited to, unreasonably  refusing,  failing to accept, or failing to
complete  consulting  assignments,  provided  that  the  Bank  first  has  given
reasonable  notice to Consultant and an opportunity to cure the breach;  or (ii)
engages  in  dishonesty,  fraud,  felonious  conduct or other  conduct  which is
materially injurious to the Bank. In the event of termination of this Agreement,
regardless of the reason for such  termination,  Consultant shall be entitled to
receive payment of the monthly retainer  amount,  prorated through the last date
he  performs  services,  and  reimbursement  of any then  outstanding  expenses;
Consultant  shall  not be  entitled  to any  other  payments  from the Bank upon
termination.

     9. Entire  Agreement.  This Agreement and any applicable  provisions of the
Merger Agreement: (i) supersede all other understandings and agreements, oral or
written,  between  the parties  with  respect to its  subject  matter;  and (ii)
constitute  the sole  agreement  between the parties with respect to its subject
matter.  Each party acknowledges that with respect to the matters herein: (i) no
representations, inducements, promises or agreements, oral or written, have been
made by any party or by anyone  acting  on  behalf of any  party,  which are not
embodied in this  Agreement;  and (ii) no  agreement,  statement  or promise not
contained in this Agreement  shall be valid.  No change or  modification of this
Agreement  shall be valid or binding  upon the  parties  unless  such  change or
modification is in writing and is signed by the parties.

     10.  Governing  Law.  This  Agreement  shall be governed by,  construed and
enforced in accordance with the laws of the State of North Carolina.

                            [signature page follows]
<PAGE>

     IN WITNESS  WHEREOF,  the parties have entered into this Agreement this the
17th day of April, 2008.


                               CONSULTANT:


                               By: /s/ John W. Bullard
                                   ---------------------------------------------
                                   John W. Bullard



                               FOUR OAKS BANK & TRUST COMPANY:


                               By: /s/ Ayden R. Lee, Jr.
                                   ---------------------------------------------
                                   Name:   Ayden R. Lee, Jr.
                                   Title:  President and Chief Executive Officer